Broadridge Introduces New Regulatory Solutions Suite, Facilitating DOL Rules

An upcoming DOL rule will serve as one of the largest regulatory events facing the financial industry in recent years.

Broadridge Financial Solutions, Inc. (NYSE:BR), a provider of investor communications and technology-driven solutions for broker-dealers, banks, and mutual funds, initiated a new product suite that features a bevy of technologically driven solutions for investors to better support regulatory challenges, per a company statement.

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Many investors are faced with a litany of challenges facing regulations, including the upcoming U.S. Department of Labor (DOL) Conflict of Interest Rule. Under this upcoming legislation, the DOL rule will serve as one of the largest regulatory events facing the financial industry in recent years.

Consequently, it will expand the definition of ERISA fiduciary investment advice and apply a ‘best interests’ standard to a broader range of investment services, including retirement investment advice and certain IRA rollover recommendations.

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Broadridge’s new product suite was designed to help firms comply with the new rules, with the group’s DOL Fiduciary Solutions, DOL Customer Communications, and DOL Compliance Reporting solutions providing support to help validate, communicate, and ultimately satisfy all standards and edicts dictated by the new law, which is slated to take effect April 10, 2017.

The need for such action or solutions support was reiterated in a recent Broadridge poll of nearly 500 financial professionals – in thus survey, nearly 60% of asset managers, broker-dealers, insurance providers and record-keepers felt that the new DOL Conflict of Interest rule will have a significant impact on their business models.

Andrew Besheer
Andrew Besheer

According to Andrew Besheer, Product Lead for Broadridge’s DOL Fiduciary Standard solutions, in a recent statement on the launch: “The financial industry needs to evolve their businesses and strategies to meet the higher standards, and turn compliance into a competitive advantage. Forward thinking firms are using the new rule as an opportunity to further engage customers and deepen relationships through new technologies.”

“Helping fiduciaries meet disclosure obligations can provide an additional communications touchpoint to add transparency and clarity to point-of-sale transactions, and strengthen customer relationships, while improving firm-wide operations,” he added.

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